WazirX - ഇൽ നിന്ന് പൈസ കിട്ടുവോ?

🧨 EPISODE 1: The Day Everything Froze

July 18, 2024 – a date WazirX user never forget.
WazirX, one of India’s biggest crypto exchanges, was hacked.

• ₹1,900 crore vanished (~$235M)

• Over 15 million users affected

• The exchange froze all withdrawals and trading

• Official reports confirmed the hack immediately

Sadarana hack aakumbo full fund exchange appo thanne reimburse cheyyum .. ellarum angane kittuvenn vicharichirkuvarunnu..

Everyone waited…

For days… ⏲️ 

Still had some trust in the exchange 🙂 — but complete silence from them..

🔥 EPISODE 2: The Blame Game Begins

• Panic spread fast. Wazirx started blaming Binance.

• Nischal Shetty (CEO) Dubai-yil.

• Binance paranju:

  “WazirX is not ours.” 😐
  “Security is your job.”
  “Zanmai + Zettai (WazirX owners) should refund users.”

Both sides letter and tweet kalikkunnu –
“Not us!” vs “Yes, you!”

Each side blamed the other.
Nobody took responsibility.
Users were left in the dark. 🙃 

🫠 EPISODE 3: Frozen Accounts, Furious Investors

Real people were now stuck.

Frozen wallet - with their entire savings 🫠 

Telegram groups and Twitter were full of:

• Panic

• Memes

• Theories

Some blamed India’s 30% crypto tax..
Some blamed Binance-WazirX fight
Then…

Real villains emerged – Lazarus Group.

Yes, North Korea’s elite hacker team.
Later confirmed by US, Korea, Japan.

Crystal Intelligence estimated that:

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🕵️ EPISODE 4: The Investigation

Nov 2024: Delhi Police arrested a suspect – SK Masud Alam.

• He used a fake name (“Souvik Mondal”)

• Created a fake WazirX account

• Sold it to hackers on Telegram

Hackers used that account to steal from WazirX’s hot wallet.

But the investigation ran into a wall:

• WazirX’s wallet provider Liminal Custody refused to cooperate with police

• Authorities even seized laptops from WazirX staff

• But Liminal claimed “confidentiality”

It became clear this was an international hack, not a random Indian scam.

🇸🇬 EPISODE 5: The Singapore Moratorium

August 2024: WazirX’s parent company Zettai filed for restructuring in Singapore.

• They asked for legal protection (a “moratorium”)

• Said they needed time to pay back victims

November 2024: First plan announced:

• Pay 52% of user balances immediately

• Promise the remaining 48% from future profits + recovery

Most users were upset.
But then — some hope.

January 2025: Singapore court approved the restructuring plan.

• It found no wrongdoing by WazirX itself

• 93.4% of users voted in favor

• WazirX managed to freeze $3 million of the stolen USDT

• Work began with U.S., Japanese, and Korean authorities

⚖️ EPISODE 6: The Legal Maze

India: Victims approached Supreme Court.
But Supreme Court paranju:

Singapore: Judges extended deadline again
→ May 23, 2025 affidavit filed
→ Waiting for final decision by June 6, 2025

⏳ EPISODE 7: May 2025 – One Year Later...

It’s been one year since the hack.
Latest update:

• May 23 nu Wazirx Singapore Courtil Venda Documents koduthu.

• If Court approves we will get 85% of our funds

• Rest of as Rebalancing tokens 🫠 

• Lets Wait for the Courts Decision.

The refund plan looks better than before — but not full relief.
Everyone’s waiting for the final court ruling..

🧨 How NOT to Handle a Hack: WazirX vs. Sui

In the crypto world, how a project responds to a hack can make or break user trust. And WazirX? Sadly, they became a textbook case of what not to do. Let’s break it down:

🧯 WazirX’s Disaster-Class Response (July 2024 – $235M Hack)

• Radio Silence 🫥
  In the crucial first days after the breach, there was no communication. No tweet, no mail. Users just woke up to ₹0 balances and confusion.

• Partial Refunds 💸
  WazirX proposed that users get only 55% of their funds immediately. The remaining 45%? Locked. Unclear timeline. Zero confidence.

• Public Blame Game 🏓
  Instead of taking responsibility, WazirX started pointing fingers at Binance. Binance fired back saying, “We never even owned you.” A PR disaster unfolded on Twitter.

• Legal Chaos ⚖️
  One year later, users are still entangled in court proceedings. Moratoriums, affidavits, court hearings… the final refund plan is still awaiting full approval.

💪 Sui’s Masterclass Response (May 2025 – $223M Cetus Hack)

When Sui’s Cetus Protocol was hacked, they acted fast. Real fast.

• Immediate Damage Control 🧊
  Validators identified the breach and froze $162 million of stolen assets within hours. That’s called showing up.

• Transparent Communication 🔍
  The team openly informed the community right away. No sugarcoating. No silence. Just facts and action.

• Unified Front 🫱🏼‍🫲🏾
  Sui and its partners worked together as a team to trace and recover funds. No internal blame. Just collaboration.

🤝 The Mafia Take:

WazirX showed us everything that goes wrong when leadership lacks urgency and accountability. Sui showed us the gold standard of how to handle a hack with clarity, speed, and user respect.

In crypto, trust is the real currency.

WazirX spent it.
Sui protected it.